After looking at the website, it's still a very complicated idea, it's totally unclear what a small-scale implementation is supposed to look like (i.e. what impact does this have in a small community of enthusiasts, what incentive does anyone have to adopt it, etc.).
I can't evaluate your math because I don't see any math in your website or kickstarter. I see references to Bayes and Information theory, but no actual math.
Not particularly urgent. An understanding of how to update priors (which you can get a good deal of with an intro to stats and probability class) doesn't help dramatically with the real problem of having good priors and correctly evaluating evidence.
The big pizza delivery chains have expanded their menus over time, from pretty-much-pizza to sandwiches, desserts, wings, salads, etc.
So it seems efficiency is not the driver.
I think you have failed to consider the requirements of Kickstarter. You need to really think about your marketing, deliver as clear and slick a statement of your project as possible, and imitate as much as you can of successful similar kickstarter projects.
Your video is neither clear nor slick (verbal explanation with random camera angles is a poor way for most people to absorb information), and needs visual aids at least.
I watched a couple minutes of explanation, and then zoned out. Sorry.
I'm guessing from your low funds that you've also done little to evangelize your concept, or have been unsuccessful in doing so.
I also think Kickstarter for coding projects is a high barrier, since so much programming is volunteer open-source projects, people wonder why they'd donate extra. And you offer no rewards for backers, a key element of Kickstarter's concept.
You also say in the first paragraph "the project isn't going well".
It's not really arbitrage if you lose money.
I think the same essential abuses that exist with debt exist here, so time-limitation (say equity stops yielding returns after 15-20 years, and can be discharged by bankruptcy) is important.
I worry about abuses when the equity stake is high. If you're a mentor, and your investment decides they don't really want to prioritize income maximization, what will you do?
Would the way to optimize returns involve hiring those you've invested in yourself (or arranging some convenient swap, if such direct employment is forbidden), and perhaps result in a system that looks either nepotistic or like indentured servitude?
Most of my objections melt away with shorter term investments. Still, equity is a much more natural fit on the project/business level.
And taking on low-earning degrees isn't particularly an information issue. It's a people-make-poor-decisions-at-18 issue. Data about majors' earnings are readily available.
Owning a car can have a large advantage over leasing, if you are likely to keep the car a long time. An owned car can also become a second backup car, that it's no big deal if it breaks down) if you get a newer one. Leasing two cars at once is a big waste of money.
Owning versus renting a home is not clear cut at all. Renting a house is a huge money pit unless you are frequently moving, and renting an apartment vs. owning a house is often not comparable in lifestyle. Owning a house gives you the property and flexibility, and can result in longer-term wealth building.
I used to be a poor student, and while I had a few indulgences I was frugal by virtue of being unable to afford some things. Now I have a job that makes plenty of money, and I spend it on things I would have once considered a poor value or even outright wasteful (uber instead of public transit, order something on Amazon I am unlikely to use).
I imagine if I had much much more money, I'd spend it on things I consider wasteful now.
So, Harry should probably have figured this out 60 chapters ago.
But we'll cut him some slack.
You've dropped out of the lower end of Flow, the optimal level of challenge for a task.
You've solved the intellectually interesting nugget, or believe you have, and now all that's left are the mundane and often frustrating details of implementation. Naturally you'll lose some motivation.
So you have to embrace that mundanity, and/or start looking at the project differently.